Best Inventory Management Software in India | Inventory Management System

Yarab A |Updated on: October 19, 2022

Fast, flexible, and accurate inventory management software

TallyPrime is a flexible inventory management software that helps small and medium business to manage optimum level of inventories always. It’s so flexible that it adapts to the way you work. Not just that! The insightful reports help you manage your business better.

What is inventory management software?

Inventory management software is a software system that helps you to track, control and manage inventories efficiently. By integrating several functions associated with inventories, inventory management software helps you to organize, store, track material movements, consumption, manufacturing, order processing etc.

The key aspect of Inventory management software is to maintain an optimum number of inventories, which ensures uninterrupted production, sales, high customer satisfaction, reduced inventory handling cost and so on. In simple words, using an inventory management software, you can maintain the right level inventories at the right time without worry of over/understocking and keep the inventory handling cost at low.

Key features of TallyPrime as an inventory management software

1. Simplified stock management Organise your stock by product type, brand, colour, size etc. by creating unlimited stock groups and stock categories. This being a small business inventory management software, you can organize the stock the way you want easily.
	2. Warehouse/location management Store and track your inventory in real-time by warehouse, racks, lot, bin etc. You can create multiple godowns to store raw materials, finished goods, components etc. at different locations such as warehouse, production floor, showrooms etc.
3. Manufacturing Record the complete cycle of manufacturing right from the receipt of raw materials till the dispatch of finished goods including the details of by-product, co-products, and scrap.
	4. Manage inventory batch-wise and lot-wise You can store and track inventories by lots, batches etc. along with manufacturing and expiry date management. What’s more? The powerful inventory reports such as batch summary, batch-wise ageing, etc. help you stay on top of inventories.
5. Invoicing You can create a professional-looking invoice in seconds and customise it the way it suits your business. You can print your company logo, add or remove the invoice details using the host of invoice configuration and track the receivables easily.
	6. Bill of materials Define multiple bill of materials (BoM) with a complete list of components, raw materials, assemblies, co-products, by-products, and scrap etc. along with the quantities required to manufacture a finished product.
7. Accurate inventory reports Accurate and actionable inventory reports such as stock ageing, movement analysis, re-order level etc helps you manage optimum inventories always.
	8. Job-Work Record, track and manage material issues, receipts, consumption in the job work process both as principal manufacture and job worker.
9. Manage stock from/far third party Manage and track inventories that have been sent or received from the third party, separately from your regular stock, especially in case of job work, consignment sale and similar situations.
	10. Job/project-wise costing Complete track of cost and revenue in form of specific order costing for all those manufacturing jobs undertaken according to customer requirements and specification.
11. Online business reports Securely access your business data anytime, anywhere using a web browser

Benefits of using an inventory management system

Easy to manage and track inventories	Increase in productivity	Accuracy in recording and tracking inventories
No worries of understocking and overstocking of inventories	Increased customer satisfaction	Cost optimization at all level of inventories
Get to know the fast-moving and high profitable inventories	Help you get rid of the risk of old and expired stock	Insights from reports help you in on-time business decisions

Key inventory reports for every small Business

1. Stock Summary - A statement that shows you the details of closing stock along with consumption details.
	2. Godown report – A report that shows you the availability of inventories at the different storage locations.
3. Movement analysis report – Tracks and displays the movement of stock for a given period.
	4. Stock ageing report – This report keeps track of stock age by classifying it into different ageing intervals.
5. Re-order level – Using this report, you can get to know the shortfall and the ones that require to be replenished.
	6. Item-wise profitability report –Using this inventory report, you can get to know the item-wise profitability.
7. Order summary – You can track the orders that are placed, pending, completed etc.
	8. Stock Transfers – This report shows the details of inventory that transferred across different storage locations or godowns.
9. Batch summary (Mfg. and Exp. date) – You can track the batch-wise or lot-wise inventories along with the manufacturing and expiry details.

Managing stock & inventory in TallyPrime inventory management software

managing inventory in TallyPrime

Inventory Management Software best suited for

Inventory management software is a must for all businesses that deal with inventories, irrespective of the size of the business. Here is the list of businesses to whom the inventory management software is best suited.

Inventory management for small business	Consumer goods inventory management software	Inventory management software for retail business
Departmental store inventory management software	Inventory management software for Manufacturing business	Inventory Management software for trading business
Wholesale Trading inventory management software	Inventory Management software for medical store	Inventory management software for suppliers on e-commerce platform

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Video Guide - Inventory Management with TallyPrime

Inventory Management FAQs

What are the methods of inventory management?

There are different types of inventory management methods such as ABC analysis, Just in time (JIT), Fast, slow, and non-moving (FSN) etc.

What is the role of inventory management?

The key role of inventory management is to ensure the right level of inventory at the right time and keep the inventory handling cost low.

What are inventory management tools?

Stock ageing tools
Re-order level
Inventory analysis
Inventory valuation
Inventory storage (Warehouse, batch, lots)

What are the basic components of Inventory Management?

Inventory control
Inventory optimization
Inventory analytics
Inventory valuation

How to manage inventory efficiently?

Organizing the stock, optimizing the cost, optimum inventory levels, etc. are some of the key things to manage inventory efficiently. This is something easily doable using inventory management software. Read How to become more efficient in Inventory Management to know more.

What is inventory management in supply chain?

Inventory management is the supervision of noncapitalized assets -- or inventory -- and stock items. As a component of supply chain management, inventory management ensures optimum flow of goods from manufacturers to warehouses and from these facilities to point of sale.

Which stock maintenance software is best?

TallyPrime is one of the best business management solutions in the world, known for its accounting, stock control, reporting and payroll features. With TallyPrime, you don’t need to pay extra for additional features, which makes it affordable for small and medium businesses. It is used by 2 million businesses worldwide. Want to know its features? Click here!

What is stock maintenance system?

Stock maintenance system is nothing but an inventory control plan where the goods purchased from a supplier are stored in a warehouse and then again when sold to the customer. Maintaining these stock levels in and this movement of goods in and out of the warehouse is called a stock maintenance system.

How to choose the best inventory management software?

TallyPrime is a flexible inventory management software that helps small and medium businesses to manage the optimum levels of inventories always. It’s so flexible that it adapts to the way you work. Not just that! The insightful reports help you manage your business better. To choose the best inventory management software for your business, you must ensure that it has these capabilities.

How much does inventory management cost?

The cost of inventory management software differs. However, comprehensive business management software like TallyPrime comes at a nominal cost. To know more about TallyPrime's pricing, click here.

How does inventory management software work?

Inventory management software helps businesses track and manage their inventory get visibility into the stock, maintain optimal amounts of inventory and much more.

What are the 3 major inventory management techniques?

Inventory management can be defined as a whole lot of activities done to maintain an optimum number of inventories to ensure uninterrupted production, sales, high customer satisfaction, reduced inventory handling cost and so on. The three major inventory management techniques are - ABC analysis, Just in time (JIT), Economic order quantity (EOQ). Find out more here!

What are the 3 types of inventory?

One of the crucial for efficient inventory management is to know and understand the different types of inventories you deal with. This is because, importance, requirements, inventory level, treatment etc. differ basics the type of inventory. For example, the way you look at raw material differs from the finished product. Divided into 3 parts, the inventory types are the Input stage, process stage and output stage. Read more about types of inventory!

How do you calculate inventory shrinkage?

To measure the amount of inventory shrinkage, it is important to conduct a physical count of the inventory and derive its cost. Post this analysis, you must subtract this cost from the cost listed in the accounting records. Now, divide the difference by the amount in the accounting records to arrive at the inventory shrinkage percentage.